Shareholder advisory firms Glass Lewis and
ISS, and the California State Teachers'
Retirement System also
lobbied shareholders to vote against the proposal.

Moynihan did have his plaudits however, including billionaire investor
Warren Buffett.

Warren
Buffett and Brian Moynihan.REUTERS/James Lawler Duggan

The Oracle of Omaha, according to a representative for Berkshire,
was "100% in support of Mr. Moynihan and believes he is doing an
outstanding job for Bank of America shareholders."

"When he took over as CEO, he was handed one of the toughest jobs
in the history of American banking," Buffett said.

Bank of America, meanwhile, said it saw the push as a step toward
aligning itself with marketplace standards, and not as a
deviation from sensible governance.

Goldman Sach's Lloyd Blankfein, JPMorgan's Jamie Dimon, and
Morgan Stanley's James Gorman all hold both CEO and chairman
titles at their respective banks.

Ken Lewis was Bank of America's CEO and chairman in 2009 when
shareholders voted to separate the positions.

Brian
Moynihan.REUTERS / Bobby
Yip

Here's a spokesperson for Bank of America:

The board believes that having the same flexibility on board
leadership that 97 percent of the S&P 500 now have, while
still providing strong independent oversight, is in the best
interest of stockholders.

No company has dug out deeper since the financial crisis, turned
back to health with solid earnings, and has accumulated record
levels of capital and liquidity – also to the benefit of our
shareholders. The board respectfully recognizes that
stockholders hold varying views on this matter, which is why the
board committed to putting it to a vote.